Core Insights - The demand for low-volatility products is increasing as investors seek stable returns in the current market environment [1][4] - The management of low-volatility funds prioritizes controlling maximum drawdown and anchoring annual volatility at low levels to achieve steady asset appreciation [1][2] Group 1: Low-Volatility Product Management - The primary focus in managing low-volatility products is to control maximum drawdown, followed by anchoring annual volatility at lower levels [1][2] - The low-volatility fund managed by the company has achieved a net value growth rate of 6.82% since March 20, 2024, with a maximum drawdown of only 0.88% as of August 12 [1] Group 2: Investment Strategy - The company designs low-volatility fund of funds (FOF) products targeting investors with high safety requirements and a pursuit of stable returns [2] - The investment strategy includes a focus on clear underlying assets, primarily investing in pure bond funds and using ETFs for equity assets [2] Group 3: Asset Allocation Strategy - The asset allocation strategy combines both strategic and tactical approaches, with strategic allocation based on macroeconomic and monetary cycle research [3] - Tactical allocation allows for flexible adjustments based on short-term market conditions and economic changes [3] Group 4: Market Outlook - The company anticipates improving corporate earnings and favorable investment opportunities in A-shares, supported by fiscal and monetary policies [4] - The Hong Kong stock market is expected to perform well due to policy support and accelerated technological development [4] - The company highlights the importance of core technology and profitable leading enterprises, as well as the potential for value sectors to experience a rebound [4] Group 5: Bond Market Insights - In the context of steady economic recovery and manageable inflation pressures, the risk of significant interest rate hikes is limited, leading to a range-bound pattern in long-term bond yields [5] - The financing environment for urban investment and real estate sectors is supported by policies, with mid-to-high-grade credit spreads expected to continue narrowing [5]